Much of the cash went to make the payments owed to other investors. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. President, Cathedral Finance|Senior Advisor. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Exec VP & Pres:Financial Svcs, Aequitas Capital Mgmt Inc. 0. A locked padlock Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. U.S. Attorney's Office, District of Oregon, Criminal conspiracy could have cost investors more than $600 million, Former Aequitas Owner and Executive Vice President Pleads Guilty in Fraud and Money Laundering Conspiracy, Salem Man Pleads Guilty for Using Twitter to Threaten Violence Against Robinhood Employees, FBI and Partners Issue National Public Safety Alert on Financial Sextortion Schemes, Armed Robbery Crew Posing as DEA Agents Charged in Federal Court, Former Aequitas Owner and Executive Vice President Pleads Guilty In Fraud and Money Laundering Conspiracy. From June 2014 through February 2016, Oliver and others solicited investors by misrepresenting the companys use of investor money, the financial health and strength of Aequitas and its related companies, and the risks associated with its investments and investment strategies. Attorney Billy J. Williams announced today that Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies has pleaded guilty to conspiring to commit mail and wire fraud and money laundering. I have really enjoyed working with Seth, Brian and the Cathedral team.. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. | Privacy Statement. Seven years ago, it was easy to believe in Aequitas. But this one was worse. There was no more hiding the fact that Aequitas was broke. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Share sensitive information only on official, secure websites. Attorneys for the District of Oregon. The Lake Oswego, Ore.-based investment management firm was the subject of a Securities and Exchange Commission complaint filed in 2016 alleging that Aequitas defrauded more than 1,500 investors into believing they were putting their money into health care, education and transportation investments when their money was being used primarily in a Ponzi-like fashion. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. ORDER granting the Government's oral motion to unseal the case. Defendant sworn and examined. As previously reported by RIA Intel, Aequitas claimed to manage $1.67 billion before it collapsed, which would likely make its downfall Oregons biggest-ever investment scandal. Attorney Billy J. Williams announced today that Robert J. Jesenik, 61, a former chief executive officer of Aequitas Management, LLC and several other Aequitas-owned entities, has been indicted along with three other former company executives for their roles in a fraud and money laundering conspiracy. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Also charged are Nelson Scott Gillis, 67, of Lake Oswego, Oregon; Brian K. Rice, 54, of Portland; and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. From June 2014 through February 2016, the former executives solicited investors by misrepresenting the companys use of investor money, the financial health and strength of Aequitas and its related companies, and the risks associated with its investments and investment strategies. ) or https:// means youve safely connected to the .gov website. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Marketing? On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Reset here, 1999 - 2023 citywire.com. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. They agreed to plead guilty and cooperate with the government.. Lock He was the British honorary consul to Portland. If convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. | Articles Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. They hurt a whole lot of people.. B. A lock ( Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. | Advertising All Rights Reserved. An official website of the United States government. It was the beginning of the end for the high-flying company. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. RIA Intel is part of Delinian. Secure .gov websites use HTTPS Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Until now, Rice and MacRitchie have faced minimal legal expenses. On August 11, 2020, the U.S. Attorneys Officeannounced that Gillis had been charged in a 34-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. II. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. PORTLAND, Ore.U.S. The default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. Secure .gov websites use HTTPS This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Gillis was the second Aequitas chief financial officer. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Rice served as Aequitass executive vice president and president of wealth management. As part of the plea agreement, Oliver has agreed to pay restitution in full to each of victims as determined and ordered by the court. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. After graduating from Oregon State University in 1987 with a degree in Finance and minor in Economics, Brian spent the next 10 years in commercial banking with US Bank before embarking on 20 years in the Investment Banking and Alternative Asset Management industry. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. But I think my clients will be thrilled. Gillis was the second Aequitas chief financial officer. Waiver of indictment signed and accepted by the Court. He pled guilty but has not yet been sentenced. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Jesenik founded the Aequitas group of companies, and, as chief executive officer, controlled the organizations structure and had ultimate decision-making authority over company activities. Court finds defendant capable and competent to enter plea. Main Office: Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. | Link Errors If you need help with finances, they've got that covered. On January 26, 2023, a California man who evaded federal authorities for more than two decades after being convicted at trial and who was wanted in District of Oregon for District of Oregon He is scheduled to be. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) But much of that money has already been spent. 1000 SW Third Ave Suite 600 The firm was growing quickly, it did business with some of the best-known investment advisors in the country, it claimed to have more than $1 billion under management. Subsequent reports detailed Aequitas default on its debt, the resulting panic among investors, the secret conflicts, and the firms strange cultural mashup -- part Wall Street investment bank, part frat party, part Bible class. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Former Aequitas executives and co-conspirators Brian A. Oliver and Olaf Janke previously pleaded guilty to conspiring to commit mail and wire fraud and money laundering on April 19, 2019, and June 10, 2019, respectively. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. The complaint also alleges that Aequitas Capital Management Inc. and Aequitas Investment Management LLC violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and that Jesenik, Oliver, and Gillis aided and abetted the violations of Aequitas and the affiliated entities. The Government does not seek detention and Defendant is released on conditions. Guilty pleas entered as to Counts 1 and 2 of the Information. Oliver is the first former Aequitas Capital executive to be criminally charged. If you need help with finances, they've got that covered. Signed on 4/19/2019 by Judge Michael W. Mosman. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Recently, MacRitchie has incurred defense costs in connection with the DOJ investigation and expects to continue to incur Defense Costs in that matter, his lawyer said in a court filing. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Brian received a Bachelor of Science degree from Oregon State University. A .gov website belongs to an official government organization in the United States. (Entered: 04/19/2019) PORTLAND, Ore.U.S. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. A .gov website belongs to an official government organization in the United States. Defendant advised of rights. Email USAO-OR. In a divorce settlement filed with the court, it's. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Aequitas investors lost about $600 million after the collapse. Brian A. Oliver, age 51, resides in Aurora, Oregon. A lock ( Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Email USAO-OR. Have a question about Government Services? (chso). They also have people who have helped raise money and sell businesses so they can help with that too. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. He committed suicide in an attempt to hide . Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Jesenik, a former resident of West Linn, Oregon, is charged in a 32-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Government summarized charges and terms of plea agreement. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . The firm purchased or invested in other financial firms, many of them glorified debt collectors. | Recent Lawyer Listings PORTLAND, Ore.U.S. Email USAO-OR. All material subject to strictly enforced copyright laws. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. (See separate order.) Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Jesenik also must pay a civil penalty of $625,000. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. The SECs complaint alleged that Jesenik and Oliver were aware of Aequitass calamitous financial condition yet continued to solicit millions of dollars from investors to pay the firms ever-increasing expenses and attempt to stave off the impending collapse of the business. It added that Gillis allegedly concealed the firms insolvency from investors and was aware that Jesenik and Oliver continued soliciting investors so that Aequitas could pay operating expenses and repay earlier investors with money from new investors.. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Official websites use .gov Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. This is a company that talked a woman into investing nearly her entire retirement nest-egg -- about half-a-million dollars - in October 2015, Kayser said. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Brian has been a Senior Advisor with Cathedral Consulting since 2017. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross monetary gains or losses resulting from his crimes, and three years supervised release. He argues he needs the money to help defray losses suffered by Aequitas investors. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Rice headed Key Bank in Oregon for 12 years. It is free to register and only takes a minute or two. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Oliver was the primary fundraiser for ACF and the Aequitas Funds and a member of the management committees responsible for selecting or approving the investments made with investor . Bob Jesenik and Brian Oliver, the long-time chief executive and second-in-command at the Lake Oswego financial firm, said any misstatements they may have made to investors were simply. Rice included in his court filings a copy of an April 23 letter from the U.S. Attorneys office in Portland informing him that you are a subject of a federal criminal investigation concerning fraud that occurred at Aequitas..